logo
Malaysia's Best News App

Prudential eyes US$2.4 bil in HK share sale

Business & Finance

Prudential eyes US$2.4 bil in HK share sale

HONG KONG – Prudential is seeking to raise US$2.41 billion (RM10 billion) by pricing its stock at HK$143.80 (RM77.36) each in its Hong Kong share sale, according to two sources with direct knowledge of the matter.

The sources could not be named as the information has not yet been made public.

Prudential did not immediately reply to a request for comment outside of business hours.

The company sold 130.8 million shares, or 5% of its issued share capital, in the deal, which is the first follow-on share placement to be opened to Hong Kong retail investors.

The price guidance given to investors represents a 3% discount on the stock’s closing price in London yesterday.

Prudential, a diversified insurance group, said it plans to use most of the funds raised to pay down high-coupon debt within six months.

reaction1 reaction1
1
views28
comment0
share1

How to Install Newswav
1. Scan the QR code below
1. Tap this button
QR
2. Tap Get / Install in App Store / Google Play
guide 1
3. Go to homescreen & tap on Newswav app
guide 1